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Credit Suisse completes HSBC Japan buy-out

Credit Suisse has completed the acquisition of
HSBC private banking business in Japan, first agreed on 21 December
2011.

The transaction provides the Swiss bank, which
already ran private banking operations in Tokyo, with two
additional offices in Osaka and Nagoya.

Credit Suisse did not disclose the purchase
price.

Assets under management at HSBC’s Japan unit
were $2.7bn as at 31 October 2011, according to the UK
bank.

“This acquisition reflects Credit
Suisse’s long-term strategic commitment to the Japanese market.
Building a leading private banking business in Japan is critical to
ensuring we have a complete and compelling offering of products and
services,” said Olivier Thiriet, Credit Suisse Japan CEO.

JapanM&A
continues global expansion

The transaction is part of Credit Suisse’s
strategy to reposition its private banking operations.

In November 2011, Credit Suisse integrated
Clariden Leu, one of its private banking subsidiaries, while in
January 2012 it obtained a broker-dealer licence in Chile to expand
its services in the South American country.